Commentary & Deal Flow

MAHLE GmbH (MAHLGR) EUR400m 144A/Reg S sr notes due 2031 (7y). NC3 (50%,25%,par). (existing Ba3)/BB (--/stable). Via BNP/Citi/DB (B&D)/JPM jt physical books/Commerz/HSBC/LBBW/UniCredit passive books. List ISE. NY law. Settles T+5. Roadshow 1-on-1s today-Weds (global investor call at 11am UKT today). UOP: repay promissory notes (Schuldsheindarlehen), private placement corporate bond, and GCP. Biz: a tier 1 global auto parts supplier. HQ: Stuttgart, Germany.